American rapper Snoop Dogg has been one of the most prominent names when it comes to the non-fungible token (NFT) and Web3 space. Snoop Dogg has launched several projects across different blockchains and has shown vast interest in the space as a whole. As the market heads into a full-blown bear cycle, most investors in […]
Bitcoin Reaches Bearish Exhaustion As It Trades Marginally Above $19k – June 30, 2022 Today, the candlestick has a long wick pointing to the 21-day […]
Changpeng “CZ” Zhao, Chinese-Canadian business executive and CEO of the world’s largest cryptocurrency exchange, Binance, has stated that he believes the value of crypto is increasing. This comment comes amidst the current crypto winter that has seen a lot of digital assets plummet by surprising margins. CZ admits that crypto prices will dwindle along the […]
Coinbase continues to expand its crypto footprint by extending custodial services support to dozens of altcoins for international customers. In a new announcement, the US-based cryptocurrency exchange says it’s adding 70 cryptocurrencies to its roster of 150+ assets that are part of the Coinbase Custody International cold storage trust in Dublin, Ireland. “These new assets […]
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A top crypto analyst warns that many traders are about to pay heavily for misreading the current market meltdown. Pseudonymous trader Altcoin Psycho tells his 457,000 followers that trying to use 2018 models to predict the 2022 bottom is a flawed proposition. “Many traders who nailed the last bottom are going to get torched trying […]
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Bitcoin Bulls Overwhelm By Bears As It Trades In a Tight Range above $19k – June 30, 2022 BTC/USD has fallen to the low of […]
As of June 28, the bitcoin price fluctuated slightly above the $20K mark. However, toward the end of the day, it eventually dropped to $20K. The market watch also noted the bearish state in the price of most altcoins. These include DOGE, AVAX, SOL, and many others. Drawing from June 29 data, Bitcoin’s price has finally plunged below the $20K mark. Many renowned cryptos like the Ethereum, Shiba Inu, and Doge tokens also feel the heat of the bearish turn in the market. Bitcoin Lost The $20,000 Price Mark According to the news last week, Bitcoin made several attempts to come off the loss in value. During that time, its price shot from $17,500 to $21,000. This was a recovery from its 18-month low price mark. It sustained this $21K price mark until it hit its 10-day high price, a little over $21,800. Suggested Reading | Bitcoin Slides Under $20K – Another Collapse In The Offing? The journey to a higher price became abortive for BTC, and it eventually dipped lower than $21K. It attempted to hit this price, but all attempts proved unsuccessful. BTC’s unsuccessful attempts to appreciate eventually turned into a bearish trend toward $20K. According to the news on June 28, it managed to get slightly above the $20K benchmark. From today’s market watch, the price of Bitcoin has plunged below $20,000. At the time of writing, it is still fluctuating below this price, bringing its market cap below $400B. The Effect On Other Digital Tokens The bearish movement of Bitcoin’s price affects the rest of the digital tokens. This explains the several red bars in the crypto market chart. During the last weekend, Ethereum attempted to go higher amid the bearish state of the market. At the time, ETH was trading at $1,200. However, this did not last too long as Ethereum’s price currently sells at $1,116, about a 6.5% daily decline in price. According to the altcoins price data from CoinMarketCap, BNB now trades at $219. This is about a 7.5% 24 hours plunge in its price. There are other altcoins down trend records like SOL, DOGE, SHIB, and XRP, to mention a few. Suggested Reading | Ethereum (ETH) Hammered Down To $950 As Crypto Selloff Deepens Also, despite the slight appreciation of the LEO, Tron, and Cardano tokens, they remain in the chart’s red zone. So, judging from the current state of all crypto assets from 2 days back, the total dump in the overall market cap sums up to $60B. Adding this figure to the total drop in the market cap since the beginning of the bearish trend equates to $900 Billion. Featured image from Pexels, chart from TradingView.com
The Solana price prediction heads to the downside as the dip is likely to get worsen because of a recent decline in the crypto world. […]
Cardano (ADA) creator Charles Hoskinson says the next year will be crucial for crypto as the government makes groundbreaking decisions for the industry. During the Cardano Community event, Hoskinson told attendees how the crypto space has significantly evolved since the inception of Bitcoin (BTC). “In 2009, Bitcoin had no value. No one cared about it. […]
On-chain insights platform CryptoQuant CEO Ki Young Ju says crypto investors did not leave the market despite this year’s downturn. According to Ju, the current dip that sent Bitcoin (BTC) plunging below $20,000 from an all-time high of nearly $70,000 can be considered the crypto market’s first recession. “The first recession for crypto markets. The […]
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Crypto trader Justin Bennett warns two digital assets face further downward pressure as markets take a beating. Starting with Bitcoin (BTC), the analyst predicts the flagship crypto asset hasn’t bottomed out yet. According to Bennett, the S&P 500 stock index has not yet entered bear territory but will fall further if an economic recession materializes, potentially […]
The post Top Crypto Trader Warns Bitcoin Bottom Still Not In, Says One Ethereum Rival Could Crash by Nearly 40% appeared first on The Daily Hodl.
Virtual reality has been around for years, but the concept’s maturity means multiple metaverse fights for supremacy. In addition, a new World Wide Web is emerging where everything can virtually be. So, how are people trying to make money in the metaverse? Metaverse Virtual Galleries The most common business model in the metaverse is the […]
A layer-2 scaling solution is joining top US crypto exchange Coinbase’s roster of digital assets alongside an exchange stablecoin. Coinbase says Boba Network (BOBA) and Gemini USD (GUSD) will start trading paired with Tether (USDT) once appropriate liquidity conditions are met. Boba Network utilizes optimistic rollups, a less stringent and data-heavy method of transaction verification […]
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The crypto market continues on its downtrend, and VeChain (VET) follows after expiring some relief over the last weekend. The cryptocurrency recently breached a major level of support and seems poised to expand its downside price action. Related Reading | Fed Announces Inflation Warnings As Bitcoin Whales Remain In Wait Mode At the time of writing, VET’s price trades at $0.022 with a 3% and 32% loss over the last 24 hours and the past month respectively. According to crypto analyst Justin Bennett, VeChain lost a major area of support when it broke below $0.024. As seen below, this area was the last line of resistance for a “neckline” or a trendline that saw VET’s price after an increase in previous selling pressure. Not everything is lost for the bulls, the analyst believes, as long as VeChain is capable of holding above $0.021. This area is a “much more significant support for the market”. In case of further downside action, VET’s price could drop into this support line before seeing some relief. If the price manages to get back above the neckline, it could support a bullish continuation. However, traders should wait for confirmation if VET’s price can return to $0.024 and then to $0.026. Beyond that point, $0.028 seems like a very important area of resistance. Bennett believes it seems more possible that VeChain will continue on its downtrend: Resistance for VET is around $0.0237, which is the neckline it broke below yesterday. All in all, the market looks relatively weak. So even if we do see some additional relief, I think a move to at least $0.016 makes the most sense right now. Traders should watch out for a daily close below current levels or $0.022. This could hint at potential losses targeting the levels mentioned by the analyst. What Could Save VeChain In The Long Run? As NewsBTC reported, VeChain is currently in the process of deploying a major consensus update. This could facilitate the corporate adoption of the blockchain VeChainThor and inject fresh capital into the ecosystem. However, this will positively impact VET’s price over the long run. In the short term, Bennett claims the current macro conditions don’t support bullish momentum in the crypto market. The analyst recently pointed out a “Head and Shoulders” pattern formed on the crypto market total capitalization 4-hour chart. Related Reading | Ethereum Rising Gas Fees are Still Concerning But Presents Opportunity For Decentralized Exchanges This pattern often precedes further losses by a certain asset. The total crypto market cap currently stands above $800 billion and could crash into the $700 billion if the pattern plays out. Any long positions, at current levels, seem at risk, as Bennett explained: $TOTAL is a perfect example of how to use a failed head and shoulders to your advantage. That failure offered a short opportunity. I never thought to long this because of the established downtrend. I was always expecting it to fail.
Data shows the Bitcoin spot trading volume has dropped down almost 60% since the recent high, suggesting activity has severely fallen. Bitcoin Weekly Trading Volume Rises Sharp, And Then Falls Hard As per the latest weekly report from Arcane Research, the BTC spot volume recently observed a drop of around 58.7% in just nine days. […]